We get a lot of questions about how FAS (and if) integrates or works with ERP systems. Since all ERP systems do not have a true ”fixed asset management solution”, nor do they admit to having one – many businesses look to other solutions, especially for tracking and running automated depreciation for federal Tax and State books. While ERP can track and depreciate internal / GAAP book just fine (straight-line is easy to code into a system) – they fail on keeping up on the never-ending depreciation updates of federal Tax and State. This is where Sage FAS Asset Accounting shines!
Here at Paragon Systems, we often implement the Sage FAS solution(s) along side an ERP solution – such as PeopleSoft, Oracle and SAP. We figured that since we do this often enough we should share the progress of one of our latest projects.
Currently, we just started implementing Sage FAS 500 Asset Accounting at one of our larger clients. They are utilizing SAP for all of their worldwide financials. They (as many do) have been struggling with the lack of automated depreciation for federal Tax, AMT and all State calculations — especially with all the bonus and Section 179 changes. It’s a nightmare to get all the new bonus rules, property type changes, Section 179 limitation updates, etc. into their SAP fixed asset module. Not only is a time sensitive issue, it’s also VERY costly (which makes FAS 500 pay for itself immediately). Their tax department was definitely spending too much time on manually calculating both tax and state calculations in mass amount of spreadsheets.
We (well, I, Angie Bolton-Lyons) will keep you updated as our progress evolves. Client name will NOT be provided due to obvious reasons.
Today – we installed our extraction utility (remotely) and are on our way to getting the first round of test data out. Success!